Dunelm director shows commitment to firm with share purchase

Newly appointed director at Dunelm Matt Davies has underlined his loyalty to the homewares firm with the purchase of 4,500 shares.

Davies, who joined the firm early last month, bought the shares for 499p each for a total of £22,455.

Davies joined the firm after resigning from his job as head of animal products retailer Pets at Home, a position he held since 2004.

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His purchase is unlikely to do much to appease investors who yesterday learnt that Will Adderley, Executive Deputy Chairman and the son of the founder of the company, plans to cash in a big chunk of his shares in the bedding and curtains retailer.

Adderley and his wife Nadine are offloading around 5m shares, representing about 2.5% of the issued share capital of Dunelm. The disposal will still leave the Adderley family holding around 56.2% of all the Dunelm shares in issue, with Will Adderley's personal stake standing at 32.4%.

Last month the firm reported a 7.8% rise in pre-tax profit for the half year ended December 31st.

As expected, profits for the year came in at £52.2m, compared to £48.4m for the same period of the previous year, on revenues of £299.9m, which is up 8.8% compared to the year before (2010: £275.7m).

Shares in the firm fell 0.48% to 480.50p by 16:09.

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